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Reverse a Closed Year

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Hi,

I need to reverse FY19.  I am on GP18.  I understand the process to reverse but does it only reverse the GL?  Is there a process to reverse AP too?  Does it need to be reversed as well?  We only use 3 modules - GL, AP and FA.  I forgot to close FA so I need to reopen FY19.

Thank you,

Gena Colbert

  • Suggested answer
    Hokuminaria Profile Picture
    Hokuminaria 2,950 on at
    RE: Reverse a Closed Year

    Hello Gena,

    Is the only reason you are wanting to re-open 2019 is because Fixed Assets was not closed? If yes, there would be no reason to open the GL as the FA Year End close does not post anything to the General Ledger. All the FA Year End Close does is move the YTD values to the LTD column.

    With the General Ledger, you are allowed to post to the most recent historical year. If you have Depreciation to post to the GL 2019, you can still push and post this to the 2019 year in the GL. This will create a BBF entry for the post in the 2020 year as well. 

    The main thing that you will want to be aware of is that if you have not depreciated all your Assets to the last day of the year before closing FA, you will need to reset life on all your assets. Please see question 3 in the article below for further information.

    https://support.microsoft.com/en-us/help/865653/the-year-end-closing-procedures-for-the-fixed-asset-management-module

    Pertaining to the your additional question. The Reverse Historical Year only applies to the General Ledger. There is no way to re-open the AP Module. There really is no reason to open the AP as there are no date issue. you can post to any historical date in the PM Module at any time. For additional information on the PM Year End Close, review the article below.

    https://support.microsoft.com/en-us/help/875169/year-end-closing-procedures-for-the-payables-management-module-in-micr

    I hope this help!

    Microsoft Support Engineer | Brandon Jarrett

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